News

By Joel Alden, Hana Ben-Shabat, Bobby Wehmeyer and Basil Wuson, A.T. Kearney

To continuously delight customers, most retailers constantly alter product assortments, adjust prices or service offerings and refocus customer experiences. But how often are these actions based on meaningful consumer insights? When the phrase “consumer insight” is misused to refer to simple market research or interesting tidbits of information, then resulting business actions are often hit-or-miss.

LONGUEUIL, Quebec — The Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million, $1.51-per-share sale, which amounts to a nearly 24% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

New York -- Canada’s Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million sale, which amounts to a 23.9%% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

Las Vegas -- In a study of 75 online specialty retailers, only 17% of the companies offered dedicated mobile websites.

MINNEAPOLIS — Best Buy may be dealing with all of the negative attention surrounding the resignation of Brian Dunn, but "the show must go on," as they say, and the search has begun for a new CEO. The company has announced the members of its CEO search committee. The company said the committee will oversee a global search process to identify internal and external candidates, including current interim CEO Mike Mikan.

NEW YORK — Ann Inc., the parent company of Ann Taylor and Loft, has launched AnnCares360, a program in partnership with Good360, the nonprofit leader in product philanthropy. The program will facilitate the donation of available displays, marketing items, and fixtures to local charities that support women and children.

Through the program, all Ann Inc. stores can enter valued, reusable goods into a tracking system that will link to Good360's online product donation marketplace and its network of more than 26,000 charities.

Landfill operators got some bad news this week when Walmart said it prevented 81% of waste generated by U.S. stores from going to landfills. That nugget is just one example of the progress Walmart has made on its broad sustainability agenda and was among numerous others contained in the company’s 5th annual Global Responsibility Report released this week.

Toronto -- Sears Canada, Inc., an arm of Sears Holdings Corp., said Friday it has completed the transaction with landlord The Cadillac Fairview Corp. to return three stores for $170 million.

The stores – located in Vancouver, Calgary and Ottawa – are slated to be exited by Sears as of Oct 31, 2012. The agreement between Sears and the landlord was first announced in March.